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Swayam

Income Tax-I

via Swayam

Overview

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ABOUT THE COURSE:Studying income tax in India holds substantial significance, particularly in the context of the country's growing and diverse economy. Income tax constitutes a major portion of the government's revenue and plays a crucial role in funding public infrastructure, education, healthcare, and welfare programs. For students and young professionals, studying income tax is particularly significant. With increasing numbers of students taking up part-time jobs, internships, freelancing, or starting small ventures during their studies, they are often entering the tax system earlier than previous generations. Awareness of tax regulations, exemptions, and filing procedures remains low among youth.Introducing tax education at the student level can help bridge this gap. A basic understanding of income tax, such as applicable exemptions under Section 80C, tax-saving investments, and income slab structures, empowers young individuals to make informed financial decisions.INTENDED AUDIENCE:Students from diverse backgrounds, including Commerce, Chartered Accountancy, etc. It may also be studied by anyone who wants to learn and understand how to compute taxable income and file income tax returns.PREREQUISITES: Participants should be at least class 12th passed out. They may be enrolled in UG or PG courses, or are professionals.INDUSTRY SUPPORT:Everyone in the industry who earns income needs to file income tax returns, compute taxable this paper. Anyone from Education, Medical/ income, and follow tax planning must learn aboutHospital, Hotel, Lawyer, or Manufacturing Background would opt for this course.

Syllabus

Week 1:
  • Introduction & Basic concepts and terminology

Week 2:
  • Tax planning, evasion, avoidance and tax management

Week 3:
  • Residential Status and its effect on tax incidence

Week 4:
  • Salaries: concepts, basis of charges, scope

Week 5:
  • Salaries: different forms and components, Allowances

Week 6:
  • Salaries: Perquisites, Profits in lieu of salary

Week 7:
  • Salaries: Computation of total and taxable salary

Week 8:
  • Salaries: Provident Fund and its tax treatment

Week 9:
  • Salaries after Retirement (Pension, retrenchment, Annuity, etc.)

Week 10:
  • Income from House Property

Week 11:
  • Income under the head profit and gains of business or profession: scope, basis of charges, allowed and disallowed expenses

Week 12:
  • Income under the head profit and gains of business or profession: Computation of total and taxable income and tax liability

Taught by

Dr. Asiya Chaudhary

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